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NY Times notes CUs check-cashing venture
NEW YORK (11/11/08)--The New York Times Sunday noted Kinecta FCU’s check-cashing program, which the credit union purchased from Nix Check Cashing of Carson, Calif., about one year ago. After the purchase, Kinecta acquired 53 Nix stores and brought 1,500 Nix customers into its membership (News Now Aug. 18). The goal of the purchase was to bring financial services to the underserved, the credit union said. “We were trying to understand why check cashers have been successful in underserved areas where banks haven’t,” Kinecta President/CEO Simone Lagomarsino told the newspaper. Kinecta concluded that most financial institutions didn’t understand low-income neighborhoods, the Times said. For the full article, use the link.
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